Yelp CEO Jeremy Stoppelman talks to USA TODAY about his vision for the company as it hits the 10-year mark. / Kathy Willens, AP

by Marco della Cava, USA TODAY

by Marco della Cava, USA TODAY

SAN FRANCISCO - Back in 2004, a few entrepreneurs thought it was high time to give consumers detailed information on local merchants. Their sites would offer listings and reviews aimed at digitizing what had always been word-of-mouth experiences.

All three of those companies still exist, but odds are you instantly recognize only one: Yelp. The other two ventures celebrating a decade in business this year are Judy's Book and Insider Pages, but the folks with the oddball name have prevailed.

"In the first year, we weren't so sure," Yelp CEO Jeremy Stoppelman tells USA TODAY. "The site we launched in October of 2004 was clunky, and we were using it to write our own reviews. Then came the notion of the public contributing, and suddenly people got it. Now there's a living, breathing community of Yelpers out there."

The company, the market valuation of which is $5 billion, has enjoyed impressive growth. Its familiar logo is now planted in 27 countries encompassing 15 languages. More than 130 million unique visitors hit the site monthly, half of whom access Yelp via mobile. Some 74,000 local businesses participate in Yelp's advertising program, putting the company on track to make a projected $365 million this year.

More than that, co-founder Stoppelman believes his company has been integral to a cultural shift of power from store owners to the folks with the wallets.

"We're now in a world where customer service is paramount, where the good work local businesses are doing is amplified," he says. "But to continue growing as we are, we need to address three key areas."

The first of those is continuing to enrich the Yelp user's experience, which lately includes the ability to include short, Vine-like videos with reviews. "Seeing a picture of a great steak on Yelp is one thing, but we think hearing it sizzle is another," says Stoppelman.

The second target is continued international expansion, which included the $50 million acquisition of European competitor Qype in 2012. More recently that's involved launching in Argentina, Brazil, Mexico and Japan.

Last, "It's key we close the loop with local businesses," says Stoppelman. "Beyond helping them connect with shoppers, we want them to understand how the metrics we can provide can help their mission."

In fact, Yelp's relationship with local businesses is a mixed bag. While many see the value in paying to have ads for their establishments pop up during consumer searches, disgruntled parties have helped foster the notion that those businesses that don't advertise with Yelp will see negative reviews rise in prominence over positive.

Stoppelman roundly rejects the suggestion, noting that "you can have all the conspiracy theories you want, but all our disclosures are right there on our site, and there is no amount of money that would cause us to manipulate reviews."

Turning around that negative impression may be but a small part of the challenges facing Yelp's growth trajectory, says Greg Sterling, analyst for Opus Research.

"Business owner resentment is certainly a real thing, even though so far the strength of the brand and consumer adoption has forced companies to deal with (Yelp)," says Sterling, who says the company is missing an opportunity to diversify its revenue model by including in-app transactions with stores that would showcase Yelp's value to business owners.

But where in the past Yelp had to contend with Judy's Book and Inside Pages, today potential market rivals include Google and Foursquare, which are beginning to target users searching for local businesses. Yelp rejected a $500 million acquisition offer from Google in 2009.

"Facebook is also a wild card," says Sterling. "They've been halfhearted about soliciting reviews and such, but if they wanted to they could create a Places app and really give Yelp a run for its money. After all, there are billions out there in small-business revenue, and everyone will want a piece."

Evercore equity analyst Ken Sena also suggests the next decade won't be as easy for Yelp. His lengthy analysis acknowledges the company's impressive market penetration, particularly on mobile devices, but cites concerns about increased competition ("particularly from Google") and smaller new markets ("roughly one-tenth the size of early (Yelp-adopting cities), which represent 80% of current revenues"). Sena also cautions about inordinately high "churn," or the number of advertisers who opt not to re-up with Yelp.

Stoppelman seems game for the road ahead, even if it promises to be bumpier than the one he's been on.

"We're determined to do better at showing business owners how we can help them grow and, in turn, savvy businesses can take action based on our feedback and raise their game," he says.

"It's easy to forget what life was like before Yelp, but when I travel to places we aren't (there), I'm reduced to once again picking restaurants based on how many people are inside," Stoppelman says with a laugh. "I don't know about you, but those days seem like a long time ago. Consumers are determined to spend their money wisely now, and we're happy to be a part of that shift."